Taiwo Oyedele: FG to implement new FX rules for 'fair price' by year-end

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Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, says the federal government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading.with Bloomberg on Monday, he said the government hopes the reform will result in the naira closing its gap with the unofficial rate and reaching a “fair price” before the end of 2023.

He said the government plans to clear a backlog of dollar demand estimated at about $6.7 billion, bolster the naira forward market, and set transparent rules for the operations of the official market. Oyedele, a former fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers , said FG also aims to expand the official market to include all legitimate transactions while stifling the illicit “black market” for foreign currency.

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